Retail

CBRE Brokers $81.6M Sale of Lowe’s Portfolio in Metro Atlanta

by John Nelson July 17, 2015

ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.

July 17, 2015

California Retail Western

Harbor Group International Acquires Beverly Hills Retail Property for $40M

by Nellie Day July 17, 2015

BEVERLY HILLS, CALIF. — Harbor Group International LLC (HGI) has acquired 357 North Beverly Drive, a 14,144-square-foot urban retail property in Beverly Hills, for $40 million. The property is fully leased on a triple net basis to C.O.S., a subsidiary of H&M, on a long-term lease. HGI partnered with Image Capital on the transaction.

July 17, 2015

Loans Nevada Retail Western

NorthMarq Arranges $16.8M Refinance of Trop Dec Plaza in Las Vegas

by Nellie Day July 17, 2015

LAS VEGAS — NorthMarq Capital has arranged the $16.85 million refinance of Trop Dec Plaza, a 74,824-square-foot retail property located on Tropicana Avenue in Las Vegas. The transaction was structured with a 10-year term, and has a 30-year amortization schedule. Scott Monroe of NorthMarq arranged financing for the borrower with a CMBS lender.

July 17, 2015

Market Reports Retail Texas Texas Market Reports

Texas’ Best Kept Secret is Out as San Marcos Draws Local, National Investors

by Haisten Willis July 17, 2015

Despite headwinds from the oil and energy industries’ latest moves, cities throughout Texas continue to boom. Austin and San Antonio have, in recent years, led the charge. However, one city situated along Interstate 35 between those powerhouses is emerging out of its sleepy college town roots and drawing attention from local and national investors. Once the primary destination for weeklong vacation shopping excursions to the country’s fourth largest outlet mall, San Marcos is quickly moving up the ranks. Recently named the fastest growing city in the U.S. by the Census Bureau for the third year in a row, it’s clear that one of Texas’ best kept secrets is out. Spec properties dot the landscape, fueled by the increasing demand for housing, hotels and industrial space, and are often leased before construction has completed. The economic forces driving the city’s growth are many. It is located on the I-35 Regional Growth Corridor between Austin and San Antonio with nearby access to I-10, toll road SH 130, as well as two international airports.It’s home to Texas State University, with more than 36,000 students, and rapidly gaining a reputation for its engineering, materials science and biotech programs. It is home to Tanger’s outlet …

July 17, 2015

Retail Texas

Pierson Retail Advisors Arranges Sale of Retail Property in Dallas

by Haisten Willis July 16, 2015

DALLAS — Pierson Retail Advisors (PRA) has completed its first transaction after opening in March. The company has arranged the sale of a retail property known as The Empire Room, a 10,125-square-foot, single-tenant building in the Dallas Design District. The Empire Room is located at the southwest corner of North Riverfront Boulevard and Leslie Street. PRA represented the seller, Prescott Interests 1225 Riverfront Ltd., in the transaction. A Dallas buyer purchased the asset for an undisclosed price. The Empire Room is an event venue offering 7,500 square feet of interior space, along with outdoor space to accommodate as many as 1,000 guests.

July 16, 2015

Michigan Midwest Retail

Third Coast Development Breaks Ground on Mixed-Use Project in West Michigan

by Jonathan Mehall July 16, 2015

GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.

July 16, 2015

Midwest Restaurant Retail Wisconsin

Morgan Partners Is Developing Bakery-Cafe for Panera Bread in Oshkosh, Wis.

by Jonathan Mehall July 16, 2015

OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.

July 16, 2015

Northeast Retail Rhode Island

Sterling Organization Acquires 225,908 SF Shopping Center in Rhode Island

by Amy Works July 16, 2015

PROVIDENCE, R.I. — Sterling Organization, through its Sterling United Properties I LP fund, has acquired Wampanoag Plaza, a shopping center located in Providence, for an undisclosed sum. The 225,908-square-foot retail center is anchored by Stop & Shop Supermarket and was 96 percent occupied at the time of sale. Additional tenants include Marshalls, Savers, NAPA Auto Parts and Dollar Tree. The name of the seller was not released.

July 16, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Besen & Associates Brokers $6.5M Property Sale for Mixed-Use Project in Queens

by Amy Works July 16, 2015

NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.

July 16, 2015

New York Northeast Retail

Silvershore Properties Sells 4,500 SF Retail Property in Soho for $9.6M

by Amy Works July 16, 2015

NEW YORK CITY — Silvershore Properties has sold a retail building located at 19 Howard St. in New York City’s Soho district. Ribo International Commerce LLC acquired the two-story 4,500-square-foot property for $9.6 million. The buyer plans to use the building, which was delivered vacant, for the first U.S. location of Taoray Wang, an upscale Chinese fashion company. Robert Burton of Cushman & Wakefield represented Silvershore Properties in the transaction.

July 16, 2015

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